Terronova commits $500m in Campinas, and the only hard number is a substation date

A substation rating is not an inventory line. The 300MW figure attaches to grid plant scheduled for December 2027 ^[3], and everything behind that meter draws on it, cooling plant and conversion losses included. The report publishes no IT load, so the capacity anyone could actually sell sits somewhere below the number that will end up in forecasting decks.

The capital figure needs the same care. More than $500m, or 2.6 billion reais, is committed to the initial phase, with further funding staged through the implementation stages to 2029 ^[4]. Divide phase one by phase-one substation capacity and you get roughly $1.67m per MW ^[12], which is a floor for Brazilian buildout capital and nothing more. It is also about a third of the $1.5bn Actis said it would spend across Brazil, Mexico and Chile over three years when it launched the operator late last year ^[8][14]. One site in Campinas is absorbing a third of a three-country programme.

The land shows what the developer expects to pay for locally. The site runs to about 944,000 sqm, of which roughly 115,000 sqm is built-up area, with the balance kept as green space or handed to the municipality, along with public roads and water and wastewater treatment plants ^[7]. That puts around 12 percent of the site under buildings ^[13]. Add the closed-loop water system the company says will cut water use ^[5] and the water objection is being answered before it is raised, which is the sensible order of operations when you plan to come back for another 700MW ^[18].

Then there is the arithmetic that does not sit still. Campinas by itself is described as expandable to 1GW ^[3], while the programme's stated goal is scaling to 1GW of future capacity in the region, on land and power the company has reportedly already secured ^[9]. Both cannot be ceilings ^[15]. Mauricio Giusti, managing director of Actis and interim CEO of the operator, describes the complex as designed for the AI era with capacity geared to global hyperscale operations ^[6], which is the language of a campus sized for tenants who are not yet named.

A housekeeping note for anyone opening a regional register: DCD's report was automatically translated from its Brazilian site and edited by its staff ^[11], and it renders the operator's name as both Terronova and Terranova ^[17]. The vehicle itself surfaced in September as an Actis operation focused on hyperscale development ^[10]. Get the entity right before you commit the megawatts to a model.